TOKYO - Asian stocks slid and oil prices extended a punishing sell-off on Thursday as investors feared an historic drop in long-term U.S. bond yields could prove a herald of recession globally.
Yields on 10-year paper dropped to 1.55%, taking them under two-year paper. Such an inversion was last seen in 2007 and correctly foretold the great recession that followed a year later. The futures market was clearly expecting drastic action as it priced in a greater chance the Fed would have to cut rates by half a point at its September meeting.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.8% and briefly touched a seven-month low.All three of the major U.S. stock indexes tumbled about 3% overnight, with the blue-chip Dow posting its biggest one-day point drop since October.
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